MANILA—Outstanding liabilities of the Philippine government rose to Php 6.2 trillion at the end of the first quarter of 2017 from year-ago’s Php 5.9 trillion.

Data released by the Bureau of the Treasury (BTr) Friday showed that both the domestic and external debts exhibited increases.

BTr data show that domestic debt as of last March accounted for the bulk at Php 3.967 billion, 1.6 percent higher than year-ago’s Php 3.841 trillion but lower than the February 2017 level of Php 3.985 trillion.

It attributed the month-on-month drop to strengthening of the local currency against the greenback and repayment by the government of its debt.

Issuance of government securities accounted for majority of domestic liabilities at Php 3.966 trillion.

External liabilities as of last March reached Php 2.221 trillion, three percent higher than the Php 2.057 trillion same period in 2016, but lower than the Php 2.222 trillion last February.

Strengthening of the peso and repayment by the government of its liabilities were also the reasons for the slight drop of the foreign-currency denominated debt.

The amount of external debt on account of foreign currency-denominated debt securities during the period reached Php 1.370 trillion, higher than the USD 1.270 trillion in March 2016 but lower than the USD 1.371 trillion last February.